Bitcoin Holds Above $84,000 as ETF Outflows Hit June High
Bitcoin stayed above $84,000 on Monday despite about $680 million in outflows from U.S. spot Bitcoin ETFs last week, the largest weekly withdrawal since June.
Bitcoin held above $84,000 on Monday, Oct. 12, despite about $680 million in outflows from U.S. spot Bitcoin exchange-traded funds during the previous week. The withdrawals were the largest since June.
Farside Investors data showed that selling was concentrated on Oct. 7 and Oct. 8. The funds lost $484.9 million on Oct. 7, including $207.7 million from BlackRock’s IBIT, $105.1 million from Fidelity’s FBTC and $101.7 million from ARK’s ARKB.
Another $244.1 million left the funds on Oct. 8, including $197.1 million from FBTC. The ETFs recorded $21.1 million in inflows on Oct. 9, bringing the weekly total to about $679 million. The previous week produced roughly $241.1 million in inflows.
Bitcoin fell briefly to about $80,400 during the week before recovering above $82,000 and later moving above $84,000. West Texas Intermediate crude fell about 1.8% on Monday to about $90.30 after the Trump administration announced that Russia would supply 300,000 metric tons of diesel and partially eased sanctions on Russian oil imports.
Nine of the 10 largest cryptocurrencies by market value rose during the previous 24 hours. Avalanche gained 5.1%, while Chainlink rose 2.4%.
Treasury yields reached their highest level in 24 years during the week ended Oct. 9. The rise in yields coincided with the largest Bitcoin ETF outflows and a decline in Bitcoin’s price toward $80,400.
ETF flow data does not identify which investors or trading venues bought the Bitcoin sold by the funds. Spot-market purchases, off-exchange activity and derivatives trading may have absorbed some of the selling, but the available data does not confirm the source of that demand.
Ether exchange-traded funds recorded outflows for nine consecutive sessions through last week.
Market participants are monitoring $82,000 as a near-term support level for Bitcoin. The next scheduled market event is the U.S. inflation report due Oct. 14. A higher-than-expected reading could put additional pressure on risk assets through higher yields, while a lower reading could support demand for them.
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